Question #4 (12 marks) During the year of 2019, XYZ Company had the following financial information: $1,080 950 0 100 2,000 Work in process (beginning) Work in process (ending) Finished Goods (beginning) Finished Goods (ending) Sales Raw Materials used Labour (note 1) Production facility Rent Utilities (note 2) Advertising 200 500 200 400 100 200 Note 1: 75% of Labour costs are Direct Labour and the remaining costs are indirect manufacturing Labour Note 2: 80% of Utilities are product costs Note 3: At the end of the year, the Overhead account had a $40 credit balance Note 4: The company applies all under/over allocated overhead to COGS Note 5: Overhead is allocated on the basis of direct labour costs Required: a. Prepare a statement of Cost of Goods Manufactured b. Prepare an Income Statement that includes Cost of Goods Sold